FINANCIAL ADVICE - Moving from England to Canada - Transfer money

[paolo_tornabene]

Hello Everyone,

Me and my partner are moving permanently to Toronto and we would like to know what would be the better way (cost-effective) to transfer our money.
She is a native citizen and I have a permanent residence and we will open a bank account in Toronto as soon as we arrive.
We will probably transfer most of the money from our UK bank account to the Canadian bank account using transferwise.com as is the cheaper and efficient way I found online , but also we want to take some cash on the plane. 8)

-Should we take £ pounds to Canada go to a currency exchange point buying $ CAD and then go to the bank to pay in ?
-Should we take £ pounds to Canada and pay in directly at the bank in £ pounds ?
-Should we buy $ CAD in London before we leave the country and bring $ CAD to Canada ?

Which of this option will be the best for us and will give us a better exchange rate ?


Thank you !!

 

[next2015]

Hi

I believe you get a better rate in London. If you use online tools for banks in Toronto and London, you'll notice you get more Canadian dollars for Pound Sterling while in London. For example, presently, £100 in Toronto gives you C$157 while in London the same amount gives you C$167. Based on those figures, personally, I'd do the exchange in London and fly into Toronto with Canadian dollars.

Of course, when you factor in the amounts your willing to carry on your person, the decision may be different - I believe, it's a personal thing. You could open a C$ account in London and do the transfer... All depends on how much you're comfortable moving around with.

All the best.

 

[NetMecca]

Depending on the amount, banks will negotiate the rate of exchange, however within ranges. Talk to your bank in london and see what rate they would give you vs talking to a bank in Canada. That will give you the ability to clearly plan. I suspect you will get a more competitive rate in London. Canada banking not particularly competitive.

You do not need to open a Canadian currency account in UK to do the exchange there. You can ask your bank in London to convert before they wire the funds, unless you want it converted in Canada.

Carrying cash you always have a risk of pick pockets and the like (especially at international airports). If you do not need it, do not carry it.

Direct wire transfer between banks (international) is likely the simplest and least expensive option, both sides. Did that from another country in europe to Canada. Worked fine. Most of these rates are advertised on the bank websites directly. Should not be too hard to figure out.

Also give the ability to maintain a foreign credit card at least for a short while. Could come in handy for initial arrival expenses. Close it out once you have arrived and are certain you will not need it anymore.

Good Luck

 

[torontosm]

Hello Everyone,

Me and my partner are moving permanently to Toronto and we would like to know what would be the better way (cost-effective) to transfer our money.
She is a native citizen and I have a permanent residence and we will open a bank account in Toronto as soon as we arrive.
We will probably transfer most of the money from our UK bank account to the Canadian bank account using transferwise.com as is the cheaper and efficient way I found online , but also we want to take some cash on the plane. 8)

-Should we take £ pounds to Canada go to a currency exchange point buying $ CAD and then go to the bank to pay in ?
-Should we take £ pounds to Canada and pay in directly at the bank in £ pounds ?
-Should we buy $ CAD in London before we leave the country and bring $ CAD to Canada ?

Which of this option will be the best for us and will give us a better exchange rate ?


Thank you !!

I would suggest you open a GBP and a CAD account at HSBC. Then, when you arrive in Canada, do the same at HSBC Canada. You can then transfer the funds between accounts using Internet banking, and can convert the amounts you need when you need them.